Hull Foreclosures

The Advantages of Buying a Foreclosure in Hull, MA

Hull is a town that is a part of Plymouth County in which it is considered the smallest and is ranked fourth smallest in the entire state of Massachusetts. It is just at the edge of the Boston Harbor and right on the Nantasket Peninsula, which makes this area almost 90% water.

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The small town has a bay that contains an island that was once called the Hog Island. Today, it is known as the Spinnaker Island where the first ever high school in this area was built. The place is bordered by Massachusetts Bay, Cohasset, Hingham, and Hingham Bay. It is just 20 miles away from Boston in which it will only take 45 minutes of driving toward the heart of the city. However, you can reach the Pemberton Pier, which is at the tip of the town right into the Long Wharf of Boston in just 20 minutes by boat.

The town also includes the Peddocks Island, which is a part of the State Park of the Boston Harbor Islands. No freeways exist in this area, but the Massachusetts Route 228 is a part of the center entrance to the town. Among the exciting places to visit here are the Paragon Park and the Nantasket Beach.

Real Estate in the Town

People who want to live in this area see a lot of reasons to choose this town. Most of the homes here have an ocean view. The skinny peninsula offers many listings that have oceanfront properties to at least just within walking distance to the beach.

However, it does not mean the homes here all have a beach vibe. Some are historic properties, such as Greek Revival, Georgian, Italianate, and other styles. Most of these homes are located in neighborhoods like Spring Street, Main Street, and Western Avenue.

Why Buy Short Sales and Bank-Owned Properties

While the homes and the location in this town make it appealing to live here, the problem comes at the prices of houses for sale. Some people look elsewhere so they could find another area with a much more affordable rate. The home value index here is currently $408,468, which is almost a nine percent increase since last year. It is predicted that this number will continue to rise by next year up to five percent.

Almost all the homes in the popular neighborhoods cost $400K at least, which is why some buyers agree that this town is a sellers’ market. With high inventories and high prices, sellers are indeed happy with the current condition in the area. However, it does not mean that buyers should continue looking at other towns and cities. The median list price here is just $260 per square foot, which is still lower than the average of Boston Metro, which is $276.

Additionally, there are foreclosures that sellers may want to consider purchasing. These distressed homes provide a considerable discount for the buyers. The good news is this town has about 11.2 foreclosed homes per 10K, which is much greater than the US number of 1.6 per 10K. About 2.1% of homeowners in this town have a problem paying for their mortgages, which can be helpful for people searching for an affordable home. It is because these troubled owners are looking for buyers of their current properties through a short sale.

Meanwhile, if they are not able to sell their homes or the bank or lender does not approve their request to short sell their house, the bank may choose to seize it. When this situation occurs, it will be foreclosed on and will be considered a bank-owned property. If the bank or lender owns the home, it will mean that you will buy from this financial institution rather than dealing with the homeowner. Both have some advantages over the other, and it is up to you to choose whether you will go for a short sale property or a bank-owned one.

In this town, about 6.8% of homeowners have trouble financing their mortgage debts. The number is higher compared to the Boston Metro, which only has 6.3%.

If you have decided to buy a foreclosure, you will find that the bank or the seller is quite motivated to have the property off the market. It provides you with the opportunity to grab the home below its current purchase price. Because of the willingness to get rid of the house, the seller may even be willing to do repairs and provide closing cost credits, along with other concessions.

It is also possible for you to use standard mortgage financing and you may be able to obtain inspections during the contingency period. Often, the bank or the homeowner who is short selling the property should legally provide information about the current condition of the property and its problems.

Some people choose a bank-owned home instead of a short sale. Probably the biggest reason is that the homeowner still lives in the property before and during the short sale. In this case, he or she still has to move out. Nevertheless, the town of Hull has many options, whether you want to purchase a short sale property or one that is owned by the bank. With the high number of foreclosed homes in this area, you will likely find the house you would like to live in without taking too much time looking.

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